Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights".

This joint resolution nullifies a Department of Labor rule concerning the fiduciary duties with respect to employee benefit plans.

Under the rule issued on December 1, 2022, plan fiduciaries may consider climate change and other environmental, social, and governance factors when they make investment decisions and when they exercise shareholder rights, including voting on shareholder resolutions and board nominations.

Bill 118 hjres 30 is a piece of legislation that aims to disapprove of a rule submitted by the Department of Labor regarding the selection of plan investments and exercising shareholder rights. The rule in question, titled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights," falls under chapter 8 of title 5 of the United States Code.

The bill seeks to challenge the Department of Labor's rule, arguing that it may not be in the best interest of Congress or the American people. The rule in question likely pertains to regulations surrounding how retirement plans and other investment vehicles select investments and exercise shareholder rights.

If passed, this bill would essentially nullify the Department of Labor's rule, preventing it from being implemented and enforced. This could have significant implications for how investment decisions are made and how shareholder rights are exercised within retirement plans and other financial instruments. Overall, Bill 118 hjres 30 represents a pushback against a specific regulation proposed by the Department of Labor, with Congress seeking to exercise its authority to disapprove of the rule under chapter 8 of title 5 of the United States Code.